Gold Coast Property Investment Overview
The Gold Coast is now Australia's sixth largest city and KPMG predicts it may over take adelaide to gain fifth place later this century. Infrastructure and private investment is rising to meet growing migration and the resulting pressures on the Gold Coast property investment market caused by a very limited supply of land in a rapidly growing market.
The Queensland goverment outlines major projects worth almost $8 billion on the Gold Coast and close to $2 billion on Sunshine Coast, constructed to committed this decade. The Sunshine Coast is still growing substantially but not at the same rate as the Gold Coast. There is a lot more infrastructure on the Gold Coast and there are more projects which are creating a lot more work. It all comes back to the migration rate. Investors should take note as rental demand on the Gold Coast is higher than the Sunshine Coast.
The city's population of 500,000 is expected to blow out to more than 830,000 by 2026, so higher-density living and higher buildings are the only way to accomodate the new arrivals.
The Gold Coast has been successfully attracting 10,000 to 20,000 people a year for forty years because it offers a diversity of residential product and lifestyle.
Planners had over estimated the number of available residential lots because some land was on the slopes and could not be developed. Coast developers are already searching for sites in neighbouring Beaudesert shire.
The Gold Coast is currently undergoing a large amount of infrastructure upgrade works worth in excess of $3.5 Billion. Some of the major works being: a new Gold Coast hospital ($500 million), a new public transport corridor ($490 million), rail link extension ($780 million) and the Tugun by-pass ($360 million).
There is also large scale master plan development currently occurring in the Gold Coast particularly within Robina / Varsity Lakes area, which by 2010 is projected to be home to an excess of 7,800 people. This area also incorporates an increasing amount of commercial space providing an employment node for those people living within the Robina / Varsity Lakes area.
Another area with particularly strong growth on the Gold Coast is Coomera / Hope Island, where a large amount of development is currently being undertaken. There is over $8.5 billion worth of development currently underway or currently proposed for this area. In 2001, the residential population for this area was 15,150 people, it is projected by 2021, the total residential population will be 108,938 persons or an average annual increase of 4,698 persons in this area.
An assessment of the south east Queensland region clearly highlights that the fundamentals for a well-performed property investment market still remain and the potential for further growth over the mid to long term period also exists. This growth will predominantly be driven by good employment opportunities, a booming economy, an appealing climate and proactive planning which will ultimately improve the long term liveability of the area. In summary, south east Queensland remains one of Australia's most desirable locations to live and invest.
For further information on property investment in Gold Coast suburbs and referral to a local real estate investment specialist Contact Us
